R. Power, one of Europe’s largest independent renewable energy producers, has announced its first international project finance agreement with CaixaBank, S.A. and Banco BPI, totaling €38.6 million.

The financing will support the development of a portfolio of solar power plants in Portugal, with a total capacity of 68 megawatts-peak (MWp). CaixaBank and BPI acted as Mandated Lead Arrangers, with CaixaBank also serving as the Green Loan Coordinator, while BPI acted as the Agent Bank.

The agreement includes the refinancing of already built assets, as well as funding for the construction of eight large-scale photovoltaic plants.

The financing is secured by a long-term Power Purchase Agreement (PPA) with one of Europe’s leading energy groups. The PPA will be in effect from 2025 to 2034, during which R. Power expects to deliver approximately 552 GWh of electricity.

*”This transaction marks a major milestone in R. Power’s growth. Our first international project finance agreement confirms our credibility in the European renewable energy market.

We are very pleased that CaixaBank and BPI have placed their trust in us as partners in executing photovoltaic projects in Portugal. The financing, backed by a long-term PPA, further demonstrates the strength of our business,”* emphasized Przemek Pięta, co-founder and CEO of R. Power.